Philippines' inflation declines further to 0.8 pct in October 2019

Source: Xinhua | 2019-11-06

The Philippines' headline inflation continued to ease to 0.8 percent in October 2019, the lowest rate in three and a half years, the Philippine Statistics Authority (PSA) said on Tuesday.
"This is the lowest inflation recorded since May 2016, in which the inflation rate was posted at 0.9 percent. Inflation in September 2019 was higher at 0.9 percent and in October 2018, 6.7 percent," PSA head Claire Dennis Mapa said in a report.
The PSA said weaker non-food inflation and partly base effects drove the subdued outturn, coming from 6.7 percent in the same period last year.
Food and non-alcoholic beverages deflation continued for the second consecutive month at 0.9 percent in October 2019, a sharp reversal from the 9.4 percent inflation recorded last year, the PSA added.
"The government has been driving and focusing on its anti-inflationary efforts this year. We hope to further keep inflation manageable and within the government's target," National Economic and Development Authority (NEDA) Undersecretary Adoracion Navarro said.
Navarro said the government expects the full-year inflation of 2019 to settle within the government's target of 2.0 to 4.0 percent as inflation continued to decelerate for the fifth straight month in the year.
Although the inflation is easing, Navarro said the Philippines must be in the lookout for upside risks, such as cases of African Swine Fever (ASF), which have been observed so far in some provinces.